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Varney Company

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TOPIC FREQUENCY

Cyprus 26, New York 11, Us 11, Nike 7, America 7, Washington 4, Stuart 4, Europe 4, Syracuse 4, Blackberry 4, Obamacare 3, Cypress 3, Imus 3, Lyric 3, Nicole 3, Dr. Ben Carson 3, Emerson 3, Germany 3, Mike 2, Mike Baker 2,
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  FOX Business    Varney Company    News/Business.  
   Wall Street news. New.  

    March 22, 2013
    9:20 - 11:00am EDT  

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5, 4, 3-- and harvard the first time in their history has won a ncaa game. warner: all right, dave. connell: yeah. warner: earlier in a game that would have knocked the-- >> did it match the dodgers winning the world series? >> the giants win the pennant? >> a good call. connell: a terrific play by play plan. warner: he did two games yesterday, by the way, including the gonzaga game which would have knocked the new mexico loss out of the headlines and spared the i-man. connell: oh, well. warner: gonzaga held on and beat. and two other close calls, memphis as lou pointed out barely beat st. mary's, missing a three-pointer at the buzzer and number three, marquette beat number 14 seed davidson. the score late with one second left. 59-58.
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connell: all right. warner: nuggets 14 in a row and the justin rose had the lead of the arnold palmer invitational, he's four strokes ahead of tiger woods. connell: warner wolf with the sports on "imus in the morning" radio program, later will be stuart varney and his conversation with imus, and as we come up on 19 after the hour, it's time for "varney & company." ♪
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♪ ♪ imus in the morning ♪ >> but we have to pass the bill so you can find out what is in it away from the fog of the controversy. stuart: oh, well, now we've seen it, dug into it and felt the effects and it's still not popular. listen to this, the senate votes to repeal an obamacare tax. there's a headline for you. good morning, everyone. it's the medical device tax and the vote to strike it down 79-20, overwhelming abipartisan,
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the it helps to fund obamacare, upwards of 40 million people will face huge health insurance cost increases next year. could it be that obamacare is unravelling? don't forget cyprus, civil society is unravelling there. they're running short of gas and basic supplies and they've got 72 hours to come up with big money or else. don't worry, stocks will be up again just a few minutes from now. "varney & company" about to begin. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade.
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>> all right. right from the start we're going to bring you up-to-date from the mess on cyprus and the growing protests and people running out of gas and food and difficult 0 get cash out of an a it tm. long lines all week. and can't get cash from the banks, they've been closed and won't reopen until next tuesday. the finance minister of russia left them no deal. and meaning for now no russian bailout money is coming.
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there's a monday deadline and angela merkel says cough up money, take it out of bank accounts if you have to or no bailout. the seizing of the money has yet to start. the next few hours will determine the future of the country. please note, everybody, no impact on our markets thus far today. they will open, the stock market will open higher this morning. big day for blackberry. the blackberry 10 goes on sale. according to one research firm it will not increase blackberry's share of 5%. remember, please, it was 50% in '06. fallout from lululemon see-through pant continues. and one question he, the quality control. the chief executive responded, i'm quoting, the truth of the matter is that the only way that you can actually test for the issue is to put the pants on and bend over. whoa. there you have it, the company says the recall will cost the company a whole lot of money, but here is the question, will
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see-through pants be a marketing plus or a minus. the big story on the markets today. still cyprus, but i've got to tell you traders don't seem to care. the dow will open maybe 40 points higher and that's next. with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity option.. evaluate them with our p&l calculator... and execute faster with our . i'm greg svens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. given way to sleeping. tossing and turning have where sleeess nights yield to restful sleep, and lunesta eszopiclone can help you get there,
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>> oh, a minute from the
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opening bell. i've the got to tell you, it looks like chaos in cyprus. remember, please, over there they've got the this monday bailout deadline that looms very large. so, let's bring in from chicago, larry levin. now, look, larry, the dow is supposed to open 40, maybe 50 points higher. we've got chaos in cyprus. what is it? you guys don't care about cyprus any longer, doesn't count these days? >> i guess it only counts when it really counts or market decides it counts. stuart. yeah, i would agree, anytime we see a drop in the market even with the cyprus situation, people bought the market and that's why you see the market higher again today. in fact, a couple of down days and yesterday was another down day and the s&p's are nearing 1450 and in fact when they care they want to use the opportunity to buy it on a drop or a break. >> you've got the same feeling as a lot of other people. this market wants to go north, right? >> yeah. stuart: no matter what. >> you've got to find opportunities to get in and bad
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news is what you want to look for to find the drops or breaks the in the market and get in the market for it continue to go higher. stuart: you're cold-hearted and you don't care about cyprus, i can tell. larry levin, the bell is starting to ring. seconds before the trading starts and again, roughly 40, 45 points when all the stocks kick in and off we go again. 14,421. where are we goings to end up? i don't know, but we're higher. we're opening 3 points and i'm expecting to show a better gain in the next couple of seconds. i've got two big names you know, making news. first off, tiffany, profits up and it expects more of the same to come. apparently, wealthier people are buying those jewelry items. up goes the stock to the tune of about 94, just shy of $70 right now. and then we've got darden restaurants, they run the olive
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garden chain. higher gas prices and higher taxes and the social security tax increases apparently hurting the customers. thh stock though not budging, down just 3 cents at 48. i've got another big name, now this one, it's nike. and it's up. i believe it's up big. nicole, does the reason have anything to do with nike getting rid of lance armstrong? . nicole: somehow that's not the headline today, but maybe. we're seeing the stock up 8.7%, a new high for nike and came out with the numbers and third quarter profit jumped 35% and they did well in north america and they saw in europe and emerging markets and that's the week they had in china and they're talking basketball shoes, running shoes, sportsware gear, all good for nike. >> a 55% jump and that's huge for a stock of that kind. >> and 8.8%. stuart: you're quite right,
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8.8%. the dow did open about 40 points higher. we're up 44 as we speak. let's go to washington for a second. the u.s. senate will go through what is called a vote-arama. any senator can propose any amendment to the budget and must be be the voted on. two headline proposals here, number one, repealing the medical device tax of obamacare, that was repealed last night said the senator. a proposed internet sales tax. and rich edson in washington, this is all pure symbolism, isn't it? neither of these two issues are actually going to happen, is that right? >> not this time around, stuart. democrats and republicans have stacks of amendments designed to get the other party to take difficult votes. when republicans talk about the president's budget getting zero votes, that came in the form of an amendment vote to create a talking point. they set priorities, send political messages and they're not law, they don't repeal law.
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they don't actually budget money and that happens during an appropriations process that comes later and senators filed about 400 amendments and vote on 10% of them this afternoon, stuart. stuart: meaningless, basically meaningless, isn't it? that's the bottom line, it's meaningless. and rich edson, thank you, nicole, how would you like to watch your favorite h.b.o. shows without having a buy a cable subscription, looks like that plan may be in the works getting it directly on the internet, since time warner is affected. >> right, right now time warner is up about .6%. this is the con at the point in time of the new way, the new digital way, everything we knew to be true back in the day is completely out the window, stuart, right? now you're talking other ways getting h.b.o. without having to subscribe to cable, it's an unbelievable concept and i know i pay a heck of a lot in cable.
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stuart: bypassing the cable operators is an interesting concept. i can see it coming. nicole, thank you very much indeed. let's get back to cyprus, we told you there was chaos on the ground there. we've got the bank deposit tax, it's back on the table. and it's to help pay for the bailout. and joining us now is a former cia agent mike baker joins us, all right, mike, we've got the deal back on the table where they want to take money out of private bank accounts, if you've got more than 100,000 euros in the account and it's back on the table and they're going to vote on it again. it looks to me like that's a shot fired right at the russian mob. is that right? >> well, the russian mob will certainly feel it more than most other depositors in cyprus. i mean, it's been decades now where cyprus has been a safe haven for dodgy, off-shore russian cash and i mean, even the russian officials, in particular the departing central bank governor of russia started talking about it publicly, which
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is amazing. he said upwards of 40% of all cash flowing out of russia at this point is sketchy, as we would say. and cyprus is holding about 30 billion dollars by some estimates. stuart: if they seize any money from any private bank account in cyprus, it's all over for cyprus being a tax haven. i mean, it's just over. nobody's going to put money into the place after this. but another subject is the germans. it is the germans, isn't it? they want to get money out of private banks. they're the ones who are saying go after that russian mob money or else we don't give you a dime. this is germany, merkel versus putin, isn't it? >> well, it is, and i mean, there's a lot at play here, frankly and i'm sure, actually the current administration here in the united states is watching this keenly thinking, really, you can do that? but i think that, you know, that the russians are making a play in cyprus in part because there's an oil and gas issue here going on and that actually is sort of over the top of this
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question of the russian money that's sitting in cyprus and how much of a hit. you could be talking about, again, about 3 billion dollars of russian money, most of it coming from questionable sources over the years, being scooped up by germany, by the eu, to try to finance this bailout in part. but, the russians are very adept at playing politics with the eu, and there again, there's an energy issue that russians are trying to use some gazprom, the big russian company in there to take control of those fields. and to start developing it. if they do, they've locked up another energy source that the eu has been key to get a hold of to get away from russian dependence on energy. stuart: for the moment it it looks like angela merkel has won. because the cypriot finance minister left moscow, he did not get a gas for cash deal. so, the russians are the not on those gas fields. they don't have the drilling
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rights so it looks to me at this moment that angela has won hands down. so my question is, what are the russians going to do now? >> well, i think the russians probably understood that this was a short-term play in a sense. they're playing this for the long-term and i think what they were doing is holding out the potential of rewriting some debt that cyprus is currently under with the russians. i think they were holding that out there as sort of a dangle, now, in terms of the gas play that we're looking at and i think, also, part of it it was to stave off the idea that you're going to school up some of this cash from the cyprus banks and you know, and putin has talked about this and putin is a very, very smart. could be the smartest politician on the planet. and he's-- >> back in the day, mike, i've got to close this out. back in the day when you were active, did you deal with the the russian mob? >> certainly in terms of money laundering issues, but now in
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the private business i've been running a private company for over ten years that does a great deal of international asset tracing and fraud investigations and there's a reason why we work constantly in cyprus. it is an amazing place and it's built itself up over the years as a safe haven for, again, wayward money. stuart: take that russian money, i think it's all over as a tax haven for cyprus. mike baker good stuff. come and join us again soon, mike. >> will do, thank you. stuart: dr. ben carson still making headlines. here is one for the new york times and i'm quoting directly. neurosurgeons and speeches have them dreaming of 2016 has the left set dr. carson up just to knock him down? monica crowley joins us for the ten o'clock hour and we'll talk about that. 10:35 precisely. seven early movers, higher taxes and gas prices taking a toll on the sales at darden. red lobster and the stock is up
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a little. strong profits and sales at nike, look at this thing go, up 9%, a huge gain. more money came in than expected micron technology, up 9%, big gain. new research indicates that energy drinks may increase blood pressure, here is a look at monster, down a buck on that news. the board of salesforce.com approves a 4 for 1 stock split. the stock has been on a tear for the past four years, up again today. zynga relaunched its website yesterday. now you can play the company's games without first signing on to facebook. zynga is up just a little. tiffany, more money coming across the transome and they're up. nice gain for the dow. we're up 56 points as we speak. and new york governor andrew cuomo has two eye-opening proposals, we'll talk about both including the one to take his gun law to a new extreme.
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bizarre, actually. marron software, new ipo today. why would you care? they help companies become more visible on the internet. you search for something and they make sure their clients pop up first. and three very expensive photographs up for auction at christie's, they'll be on the set. why would someone pay a quarter million dollars for more for a photograph? is it rare, is it cool, an investment? is the photographer a big name? you'll see the pictures right here. to the price of oil, where are we this friday morning? $93 a barrel. now this. when i start seeing real estate get rich quick schemes on tv tells me one thing, get out of housing. up after this, the star of the tv show flipping vegas, does he say real estate is a buy? his answer might surprise you. clients are always learning re
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imus: >> yeah, modest gain. 14,469. the dow is up 47 points early this friday morning. please, do not be fooled by the housing recovery. that's what our next guest says. scott yancy, he is the star of the a & e show, "flipping vegas." welcome to the show. >> thanks for having me. stuart: wait a second, you're in the business of flipping houses, you buy them low, flip them and sell them high and you're telling our viewers, this is not the time to believe in a vigorous housing recovery. make your case. >> well, first of all, i want it say that i do believe there's no better time, probably in history than to buy real estate than right now. because we're at the bottom, but i have he' got to call bf on washington, and puffing out their chest and high-fiving each
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other and calling it recovery with skewed real estate numbers. and you check by jobs. 9.7% and i don't think we're recovered. stuart: what about the housing recovery, when they refer to the housing recovery, i think a gain of what, 10% in existing home prices or 11% over the past year. you don't think that's for real? it's not going to go anywhere? >> well, you know, i'm boots on the ground and in the trenches in las vegas right now we only have, 3, 3011single family homes and what the numbers are showing is a 18% increase over last year in appreciation. but what's really happening is simple estimate of supply and
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demand. because the laws are restricting the amount of foreclosures coming on the market and we have investors and multiple offers and bidding wars on property. so we have all of this property lingering in inform nenevada, f example, and three out of four parties aupside down and those that are released there's a bidding war, but they're not accurate numbers for appreciation. stuart: that's very interesting, scott. now, you only do business in vegas and nevada that's where your activity is concentrated. so, let me ask you this, obvious question he. you're in the business of flipping. i take it that it's not a particularly good time to be flipping. i mean, can you say that? >> you know, i actually work in multiple markets, but vegas, there's always a deal and, for example, i actually have a--
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i teach thousands of students a month to compete with investors and other people coming in to areas where there's a lot of competition. but no, vegas is definitely, it's slowed down for flipping, but one of my favorite strategies right now is buying and holding. stuart: yeah, i agree with you. i've been saying for a long time if you're a youngster, just starting out, you've got the down payment, you've got a job and decent credit. buy a single family home and away you go, that's my position. scott, i'm sorry i'm out of time, but come back and join us, you've got interesting information. thank you, scott. >> i'd love to. stuart: time for your gold report. where are we this friday morning. at 1607. we're down six bucks, holding on at 1600 an ounce. who knew? who knew that someone like moi would know anything about march madness? imus tried to ambush me about march madness and brackets, but
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i did my research. and monica crowley and charles payne next and they react to my bracket picks and see how well i did after this. ♪ they're playing basketball, we love that basketball ♪
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>> it's an ipo. it's marin software. the ceo will be on the show later. what do they do? if you hire them, you're a company and they'll make sure that your profile on the internet pops up first when you do a google search. marin software just opened up 41%. now this. >> on what grounds do you-- >> because i predicted that you would not have filled out a ncaa bracket. connell: agree on that. imus: i he see in front of you-- >> what does a man know about basketball when he thinks that duke is going to win? you think that the plumly brothers, miles, mason and marshall would be my guy working for the louisville guys. and beat kansas in the final, 84-82? >> varney is reading this.
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connell: no he's not, no he's not. stuart: that was on imus yesterday and bracket picks. did you think i convinced anybody i know anything about basketball? >> no. stuart: i new about the plumly brothers and i went on to say i wish we could go back to the days of the fab five from michigan and time that the 12th seed beat the 5th seed again and they did last night. thank you very much, producer, two of them did, right? >> well, i think-- that you would have been rooting for the fab five, they broke the rules and you're a rules guy and that might have gave it away. stuart: if it were 20 years ago. that would be my day. charles: you were breaking rules. stuart: what do you think? >> i think you're very knowledgeable, stuart. you're the host. charles: monica. stuart: and what do you think of my prediction, louisville beats kansas in the final 84-82. charles: that sounds probable, absolutely. stuart: certainty, put your money on it.
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charles: i'm going to do that right after the show. stuart: syracuse, somebody said syracuse, what about syracuse? they're going to win it all so says our producer who went to syracuse, of course. let's wrap it up. drama unfolding in cyprus, the next 72 hours will be chaotic, will our markets be affected? not so far. we'll deal with that next. plus, is obamacare unravelling as we mark the third anniversary of the bill becoming law? could be because we're finally finding out what's in the bill. cue the nancy sound bite. >> but we have to pass the bill so that you can find out what is in it away from the fog of the controversy. ♪ ♪ [ male announcer ] help brazil reduce its overall reliance on foreign imports
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stuart: a government spokesman said this, the next few hours will determine the future of the country. it may be affecting our stock market yet, but it is high desk in a rare. the parliament will have to say yes or no one some very basic issues. will the government seize russian mob money to nationalize private pension plans, let's check cashing and withdrawals. already they have to pay cash for guess where they can find it. to be sure to my credit cards usually do the work, and long lines of the very few atms that work. will the people with their backs against the wall except the sudden and very sharp drop in there standard of living?
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the small island where politicians are known personally , will they vote to take their money off. a very fluid situation that could go either way. ♪ as we said, the markets at this moment did not seem to care about cyprus. look at this. the dow was up to seven points. 14478. the price of gold. one would have expected gold to go up, but it down six box. why isn't told going straight up? >> i'm just not sure, although we have to put it proper perspective. it's up 11 years in a row. i consider this a long term part of consolidation. ultimately it will go up. that will keep printing.
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everyone's going to keep printing. this is a pause. at the eventually it takes the next leg up and gets about 2,000. stuart: you and i are both surprised. >> to a certain degree you do say, okay. a pause was long overdue. much more on the separate situation. will it be the first country to leave the euro. we have someone who says, no, it will not. no way will happen, so says our guest will join us at 10:25 a.m. then i'll have "my take". no more can kicking. more on that, too. the software company just opened . the take ipo when on trading for the first time. shares are up big time. how much of that up, nicole? >> reporter: big time. right now it's up about 37%.
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at its highest point it traded $95. san francisco-based company. obviously it was a $14 ipo. trading as high as 1995. stuart: a very big move. the chief executive will be on the show letter. tomorrow marks the first anniversary of obamacare. citing this huge affordable carrot into law. could he know beat on raveling? we have an overwhelming bipartisan vote in the senate which repealed the tax on medical devices. and then we have health insurance warming of -- warning of much higher premiums when the -- when obamacare takes effect. let's bring in president of the american enterprise institute. wishful thinking that i'm saying that obamacare unravels before it takes effect?
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>> that is a little bit of wishful thinking, and i join you in your optimism. at think number one, the vote yesterday, a nonbinding resolution. the only way to roll back the device manufacturer tax is rick comprehensive tax reform. and expressive motion, and what it says is the first thing we have to know. that obamacare is starting to bite, and when it does people are not going to like what happens. stuart: he think there is enough political momentum to do something about obamacare as we see it now, maybe just tinker with that at best but do something about it. >> for sure. with the fiction of the past three years, if you touch one single part of it it will to -- it will all come down. democrats keep their hands off it. now we're finding the you can kind of tinker with it, and
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people will. the next big thing that people like is you will see a premium spike in the fall. my colleague, whom i know you know has all kinds of good stuff up on our website about this, the premiums going to go up like crazy for young people and we will see physicians increasingly have are hard time in the private practice simply going to work as hourly wage slaves practically for hospitals as a result. that will get a much bigger backrest -- ??? stuart: i have been outspoken on this. i know i have. i said that this will basically bankrupt the country. when this thing takes full effect -- am i being too strong. >> a couple of different eventualities. one is that it will yippies doubt. five years from now obamacare as we know it won't exist.
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the other is that it just breaks the health care system so much that in five years, five years from now we are going toward a true single payer plan which is, of course the kind of vision that you have which would be very, very dire. stuart: that the president obama has really shifted our country. he has reorganized it, changed our financial culture. yes mr. round with a health care system. i think he really has changed america, and i'm not so sure that we can come back to the free market dynamic and vigorous growing society that i knew for the first 30 years of my time in america. >> i don't like, have seen either. a very successful in changing the center of gravity in this country. that said, coming of a large financial crisis it is almost inevitably the case that the country will tort itself more toward social democracy. the key thing that we need is leaders of a free enterprise movement remembering what really matters.
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it's not just efficiency in a high rate of economic growth with the kind of society it drew you to this country for the first time and my grandparents to come on about. stuart: to you have any names in mind of leaders who might paul was in the right direction and appeal to everybody? >> and the good news on this is i see a big change of tone in washington, especially since the last election. when i listen to leaders, they're talking about what matters most. talking about the fact that the free enterprise system is not a system to make you until warrior to help hedge fund managers and private equity companies but to help the powers to the powerless, to give a fair break. that is the kind of language they're using. we don't necessarily need a new visionary. will we need is people with real experience talking about it in a way it is aspirational and truth. stuart: well said. a pleasure having you with us.
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come again please i want to bring money into this because you know what's going, the obamacare. the think it is just pure wishful thinking on my part that all system is unraveling? >> i hope you're right. the problem is, when obama talked about the fundamental transformation of the nation this is what he meant. he went after the four main pillars of the u.s. economy, industrial base, financial sector, energy sector, and health care. once you remake those parts of the economy into a socialist model, it's very tough to unravel. very tough to unwrap the tentacles of redistribution is him. then i start to do it with the medical device repeal the we just saw yesterday. they might start to pick at a little bit. and telling you, this is so big and so comprehensive and so deeply ingrained in our economy,
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it's going to be difficult to one vote -- on wind. we need strong leader second elected. stuart: bottom line, it's very difficult to take back what you have given the lesson from england, know a lot about this, politicize medical coverage, politicize the medical system so that if someone is not given the treatment that think they're going to get the appeal directly to the politicians who then have to respond on the treatment of this individual. i remember tony blair in question in a general election campaign by one single woman who was not getting the treatment that she wanted. it made headlines. all election became about the position of health care. >> i went to see one of my doctors. she said the guidelines for tests for women she said
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mammograms, screening for breast cancer, the time line is going to be extended because it's all about the bottom line and money. it's not about the patient's welfare. i see cancer every day in this office. i see women coming in with cervical cancer, breast cancer. the government will tell me that i cannot order tests once a year and that i can only order tests every 18 to 24 months, my patients are going to die. >> i think that is the one bill opportunity to repeal this before it becomes totally ingrained. stuart: repeal it? >> not immediately. over the next couple of years as health care gets worse and you talk to the american people, all the american people say, listen, is your health care better now than it was two, three, four years ago. stuart: in two years it will be fully implemented. exchanges will be up and running
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>> but will people be healthier? that will be the opportunity to go back to the american public and said maybe it was done in good faith, but it was done -- >> the majority of people are getting for free. we all know entitlements are narcotics. the point of this is to get people addicted. stuart: you'll be demagogue to death. you take away my free health care. how dare you. stuart: -- >> but people aren't helping. stuart: listen to this. dr. ben carson, they're calling him a rising star of the conservative right. he has been in an outspoken critic of president obama and has no apparent suit -- political ambitions. even liberal outlook some -- outlets are building him up. are they doing that just not in down? we're talking about doctor been carson with monica. we will talk about this. it's a big deal. let's get back to the stock
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market. the dow is up nicely, 76 points higher. leading the snb to the inside. what's going on? >> reporter: a great outlook. they came in and just beat the street. ticket what is going on. ten and a half percent. quarterly profits, they saw earnings rise 55%. the sale of their brand, doing well in north america, doing well in europe and the emerging markets. some weak demand, and they are seeing great margins and future orders. charles said he was recently at nike town. i was recently there. that sneakers are so ridiculously expensive. my kids kill on the internet and want to design their own sneakers. can we make these? $1,705. stuart: this is an invitation for you and your children tecumseh shopping with me walmart we can get a decent pair
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of right. thank you. the dow has just crossed 14,500. nice gain. of 78 points. forget about cyprus. the market does not care. new york's new gun law says you cannot have it any clips that hold more than seven bullets. the problem, barely any companies make seven bullet clips. now you won't believe that the governor is saying about the new law. it makes no sense whatsoever. ♪
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♪ stuart: kugel working on a smart at. the financial times is reporting that the development from the android unit, of course expecting executives to keep quiet about the report. the stock is up a couple of dollars and holding well above $800 per share. blackberry releasing the new generation of the smart phone. its largest ever marketing campaign. shares on the opening day of 3%. and we have zynga cutting ties
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to facebook announcing that its users can now play on a separate site. andrew cuomo limiting the number of ballistic and having your guns. how do you do that? how do you reach in and say, too many bullets. that's next.is gon be ♪ . . you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers.
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stuart: breaking news from cypress. it may have helped our stock market. the country's ruling party says
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a bailouts solution within the european union's own framework, in other words, that savings account tax, the seizure, the solution may be possible within hours. reuters is reporting the ruling party in cyprus, the dow up 84 points. time to read some real money. >> when there were real hot a few years ago, they went straight up. and the transportation. stuart: i remember dry ships. >> this is one other competitors, a danish shipping. i mentioned yesterday it to a 3:00 in imagining them again today because it's making a gigantic breakout. right now green is helping these guys out, but they probably hit a low. prices starting to go up. the stocks will go through the roof. i noticed, i went through every release for this company this year. three sizes of ships. one called cape size for the cape of south africa.
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anyway, the rates have exploded over the last three months for all of these ships. the charge $14,000 a day for some of these ships. the rates to going through the roof. capsize at 31%, 50 percent, up 23%. stuart: try ships is one of their competitors. >> is a little bit larger company. it may actually be a better trading vehicle. trading on this has been phenomenal. already treading a huge volume. remember, this was a $38 stock in 2008, so it is just now breaking through. stuart: over a hundred. >> is looking fantastic. stuart: you said it. friday, marks the 22nd. new york passes the toughest gun law in the country. you cannot have a magazine that holds more than seven bullets. there's a problem. barely any companies make 7-round clips. what does the governor say now? you can own a 10-round clip. just make sure you can only put
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in seven bullets. >> this is so beyond stupid i have no words. stuart: how can you control how many bullets people put in the magazine? >> you can't. and you can't control human nature. number one, you can't control the number of bullets. also you attendance good magazine, but legally fire seventh. you cannot control it. you can control people's behavior. >> all of the stuff that they did. the kind of crazy stuff they use to push this stuff through, none of this stuff matters. it will not deter any of it. it is time that we have seen. when you say how we enforce it, take it and start pulling el bullets.
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oh, my goodness. take the -- take them away. >> were not just talking about the number of bullets. were talking about the role of government and now they have the right to come into your house, commence your comments cme bullets you had. let's of the story of the parent. the rifle. without a search warrant. teeseven because they don't have a warrant. anyone is an attempt to allow much is let the men. completely insane and of control. stuart: the political process allows a lot to be written and as terry quickly that says you can only have a seven club magazine, there's no such thing. >> cobble this together. >> political reason and the heat of the moment. that the town anxiety and fear. >> like nancy pelosi, you have to pass to define that was in it.
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stuart: that's good. lets stay in new york. i want to call this -- on going to call this the tonight show tax credit. in the latest budget for new york a new tax credit has been added that would help move the tonight show to new york from california. jimmy phelan is taking over for jay leno, so we year, currently based in new york. so moving michele. >> so he doesn't have to move. stuart: from california to new york's and he doesn't have to move. to make a move they have a tax break especially for the tonight show. >> this comes on the heels of that great fiscal cliff. millions and millions and millions of dollars of tax breaks. the shows are -- you know, i don't understand the mentality. separate the good millions from the bad millionaires. really. if you walk on wall street your bed millionaire. if you're up hollywood guy, you're a good millionaire.
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stuart: if you support president obama you're great millionaire. you're a great billionaire actually. >> in the you don't give a nickel to the federal government. stuart: finally, the kick the can game is over, at least in europe. that means cypress to be the first country to lead the european union. that will be my opinion, and it is -- which is next. ♪ aw this is tragic man, investors just like you could lose tens of thousands of dollars on their 401(k) to hidden fees. thankfully e-trade has low cost investments and no hidden fees. but, you know, if you're still bent on blowing this fat stack of cash, there's a couple of ways you could do it. ♪ ♪ or just go to e-trade and save it. boom. ♪
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♪ stuart: check the markets. still a strong rally. seventy-seven points higher. then we have blackberry releasing the blackberry tend to day. the stock is up. >> reporter: oh, yes. this is such a winner. we talked about how much of a winner it really is. up again, three and a half percent. today is the real deal they. you can walk in and buy the new blackberry. we set march 12th pre orders online. it's just unbelievable. doubled in six months, up over 40% year to date. it's amazing. quite competitive against temple and apple. stuart: let's see how this new phone actually does when it goes up against the violence. a touch screen. i'm sticking with my little -- you know, these things. >> reporter: what was that? no one even knows.
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stuart: the blackberry with the keyboard. that's what i'd like. >> reporter: the original, more reginald kind. stuart: yes. all send your message if not careful. thank you. the dow 78. question, will cypress be the first to leave the eurozone? our next guest says no right, not point to happen. why you said that? >> well, there is no way they can leave the euro given the simple truth that they are an isolated island. any investment, in the cross border business transactions that loans are always going to occur in euros because that is the acceptable currency. stuart: of the people of cyprus hundred their elected representatives turnaround and say, no, we will not take money out of our private bank accounts to nationalize the pension system, then the germans refuse to give a bailout loan and the crash. they're out of the eurozone, aren't they? >> well, in a sense.
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let's assume we're out of the eurozone but they are kicked out. they are still going to do all of their transactions in euros. the reason for this is basic. assuming mb when old currency to many investment on the island from outsiders, they're going to demand the euro because that is the -- if they went into an old currency would be an enormously high interest rate that would lead to a major recession. any business would be uneconomic. stuart: they would default because they don't have the euros to pay back their debt. >> assuming a default, but even there, they still owe euros. there may be a hair cut on the payments, but the no creditor is going to except some new currency of the issue out of thin air in return for euros. you're going to pay his back to your rooms. it may occur at a hair cut, but you cannot leave the euro. stuart: iceland, no, i know iceland does not use the euro. the judge said, were not paying.
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were just not paying. three years later they're not doing too badly. >> well, you can renege on the foreign debt. usually it's not in total. that is a choice that cypress can make. it could like getting the serious investment going forward if your government and the businesses within seem to be unwilling to pay back. to me it is the path to economic isolation and recession. stuart: full agreement, but and that's what's going to happen because i don't think there's much choice. what he's talking about is a technical thing. beyond the realms of possibility. people say, no, enough. we will crash, but we will do this. it's -- >> it's entirely possible, and i mean this as a compliment. the euro is like the roach motel. once you check-in you cannot leave and that that is the acceptable currency. thank goodness we have a common dollar. the euro is good for europe.
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the problem is how it has been managed of last 11 years. that's a major factor has been dollars, but very, very difficult to exit what is this acceptable currency. stuart: thank you very much for joining us. finally, an end to kick in again an end to muddling through and waiting for something to turn up. it's not in america. it is in germany. here's "my take." the german chancellor has drawn a line. telling cypress in no uncertain terms that monday is a firm deadline that will not be extended. cops serious money of your own or you don't get any more of ours. she does not care. go ahead and take it up with the russian mob. confiscated from your bank accounts or the pension funds, but get the money and get it by monday or else. that's pretty strong stuff.
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we're not used to it. we expect the inevitable can kicking which is what has been talking tough happening here but not over there. of course, the chancellor has been given some backbone by her own father's. germans tired of working hard, saving money, and paying taxes and then being told to bailout and neighbors who don't say don't pay taxes and tend to take long naps in the afternoon. and there really don't like being told they're acting just like marxists. so here's where i did we stand. seventy-two hours of chaos during which time the deadline will loom very large. it will run short of gas, store shelves will be empty in the streets will be filled with rage, but the german chancellor will not been. my guest, and it is a pure guess, cyprus becomes the first to leave the euro. ♪
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well. >> thank you very much. appreciate. stuart: i have to make sure i know exactly what you do. here is how it was explained to me. i come to you, paid a certain amount of money and you make sure that my business is very visible on the internet. so somebody does a search and up pops my company first. is that accurate? >> close enough for government work. yes. [laughter] we help advertisers and agencies measure, manage, and optimize there search. increasing their business results by optimizing their online advertising investment. stuart: you are just your software, that is all you do. >> pure software in the highly experienced team that helps you optimize your performance. we sell it worldwide to leading advertisers and agencies. stuart: i pay you. i am the business. i pay you and you put the front and center on the internet.
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you make me very prominent. >> we make you very prominent. that delivers better business results. oftentimes you don't want to be in that first position because will have a lower return on investment. our software will optimize the proper emplacement to drive the best downstream business results stuart: where are you based? >> worldwide with 13 offices in nine countries. headquartered in san francisco. stuart: you have done extremely well on the very first day. your stock is now up 25%. that is pretty good. were you expecting this? >> we obviously wanted to price the offering so would trade well, but this is the first up in a long journey of backstage of the company. stuart: well said. what a pleasure, and congratulations. a great ipo day for you. thank you for joining us. >> we appreciate the opportunity stuart: dr. ben carson, frequent guest on "varney & co." becoming a riding star in the conservative movement. he is even being built up by the new york times.
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monica, you saw the headline about how he is a rising star. the you think that they are building him up so that he is easy to chop down? >> if you are conservative and given complemented on the front page of the new york times, run for your life because you know all hades is about to break loose. there is a very interesting thing that happens. whenever there is a strong, articulate and charismatic, dynamic conservative who is either black or a woman or latino, those conservatives represent a special ex's the entoprocta liberalism because the issue right at the heart of the core constituencies of the left. so therefore they have to be taken down, whether it's sarah palin, marc caribbean -- marco rubio. of course, alan west. we have seen this across the board. in carson is more difficult the demonized because he is so accomplished, soft-spoken, and he is not particularly political yet. that may change, but i would
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just warn. he is a brilliant man, as we probably does not need my warning, but he is serious about a political career, if his ambitions decide to take him in that direction he really needs to steel himself because they're going to take him down and they're going to be particularly brutal about it. stuart: my colleague on tuesday night to my good suggestion yesterday. if ben carson once taught to go places and politics he should remove himself and go to a log cabin and sit there with a bunch of experts and bone up on all the subjects about which he is going to be asked questions. if he doesn't, if he doesn't know something and he is on the spot and caught, there will chopin moffett the niece. they will relieve downgrade the guy. >> sarah palin. to monitor this point, the one thing that he has, he has been out there saving people's lives for a living.
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he knows what is talking about. stuart: do you think he is overexpose? i have seen a lot on him since the national prayer breakfast. i have seen an awful lot of them. >> not yet because, remember, very low name recognition. if he's serious he has to up that name recognition. he has to do as many interviews as possible. stuart: what is your sense, do you think he was political office? >> a very deeply spiritual man, a devout christian. if god put me on that path and that is the path will choose. at the key is probably still praying on it. my instinct is he may, in fact, go for it. if he feels called. he has to know. the foreign affairs, syria, afghanistan. stuart: that is assuming he goes to the presidential level. there are other levels of between. >> i don't think he will waste time on the other stuff.
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stuart: hold on the second. please take a look at this picture. you would never guess how much it is worth. wire people selling out enormous dollars for that? find out next. ♪ [ shapiro ] at legalzoom, you can take care of virtually
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all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. ♪ stuart: pepsi making a change. its 2011 model for the first time in 17 years. the new bottle as a better grip, shorter label so you can see more of the soda.
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and the stock is up 2%. coca-cola, the company announcing it will cut 750 jobs in america, coming all across the board. nike, look at this, up 55%. future orders have spiked. the stock goes up 11%. gas prices down just to take over night. the national average on on what it is just $3.66. oil hovering $92 a barrel. coming up, expensive photographs that are going for a lot of money.ncer are they an investment? are they worth it?t 'r next. get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on sala, not commission.
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then find out how to get lunesta for as low as $15 at lunesta.com there's a land of restful sleep, we can help you gohere, on the wings of lunesta. ♪ stuart: would you pay a quarter million dollars for 90 year-old photographs? this segment is called old money. joining us now, laura patterson with christians. a series of photographs. each of them is worth a ton of money. first, it's mr. alfred stieglitz photographs which i believe is valued around $350,000. is that correct? >> 500,000. it is an amazing photograph, perhaps the father of american modern art. stuart: that's why it's worth so much. >> well, he is an incredibly
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important figure. the history of american art. stuart: and take your word for it, but is it an investment? >> of course. stuart: if i bought this for 300 grand, you think i might make a profit of assaulted ten years time? >> let me say that comparable works of sold over a million dollars. >> people like me who looked at the money. you have to know that this is a marvelous investment. incredibly rare photograph that would grace the walls of any institution. stuart: it's valuable because it is a piece of art. it occupies a place in american art history, and is extremely rare. >> extremely rare. stuart: i want to move on to the next one. i know that name. ridge just going to swap them out. but how much is this work?
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>> this one is a 2-$300,000, which is a tremendous bargain. stuart: a bargain? >> i think a bargain. stuart: it's a pint. it looks like a drink. >> what he called a real rough. produced at a time when we have surrealism. stuart: 1920's kick. >> 1921. and he produced it by putting objects on photosensitized paper . amazingly sharking at the time to produce something that was so abstract. photographs caught up with where history was. stuart: i'm almost sold. your enthusiasm and intensity almost sold me. i'm afraid we're out of time. i wanted to get to paul strand.
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>> paul strand. stuart: how much is that? we can't put it up. >> 350. stuart: there you go. that looks like a lamp. >> it's not. i brought it for you especially. a film camera. the ap camera. stuart: to you object to profit, someone like me trying to buy something like that to make a profit? i don't understand the art and no understanding of history. i'm a total philistine. to you object to people like me? >> no, i don't. stuart: and all-american profit kind of guy, and i don't think you are. >> i love the object. i work for a commercial company. i appreciate people, first of all, living things. stuart: excellent. we thank you for joining us. you have turned me on to this. >> great. stuart: back a second. alall stations come over to mission a for a final go.
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stuart: all right. let's make some serious money, shall we. charles has a formula. >> and this is for everyone worried about the correction, scared of the pullback. this is a stock for the next 10- 100 years. mead johnson. stuart: baby food.
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>> they're main product. well, you probably know it well. the co-founded the company with his brother. early on one in five kids in america, these guys are instrumental in putting together all this stuff. stuart: why now? >> because we saw a play out in the early 1900's with america's growth is playing out around the world. the top-10 markets, china, mexico, the philippines, thailand, malaysia, vietnam, brazil, peru. they all have the extraordinary birthrates, gdp growth that is significantly better than ours. this company will go through the roof. it doubled over the last three years. if you're looking for something for your retirement you can feel good about, this is it. stuart: i got it. i got it. baby food. i got it. i have six kids. you have no idea how much i bought my lifetime. our next guest says you can fly on a private jet for a whole lot
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less money. the only thing is, you have to share. joining us now, justin sullivan, founder and chief executive at jump seat. welcome to the program. >> creek to be here. stuart: you are the middleman. you arrange -- if i want to take a private jet tech masako london, you arrange for me to share that private chat with other people also want to take private jet. >> exactly. stuart: here's my problem with that. if i were to take a private jet and would go to the airport and get down as soon as i write and it takes off the moment i set my seat. i don't want to be great for ssme deals to get on board and their daughter. >> loud and clear. the way that it works, there is a principal jump seat, the person who has chartered the aircraft initially. he is offering up empty seats in space in his cabin. the principal makes the rules. the principal determines who else is invited on board the
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aircraft. the principal deterrance the itinerary. we have a prop -- strong service delivery component that makes darn sure. stuart: at 11:00 on monday morning i take off and go to boston. you want to come on board, you leave of my time on my schedule. that's a? >> exactly. you pay the premium. the person who is -- the jump cedar is getting a deal for conforming to the schedule stuart: if i am in the jump seat, i'm the guy running the show. i pay more than the people who are sharing the right. >> there are flyers and there are buyers. the flyers are either owners and operators of aircraft to our marketing for their people like you who are chartering in aircraft and have incapacity. stuart: an example of price. and to looking go from new york to london, charter a private jet , six seats would go for $25,000 each.
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>> a couple out there right now for that. that is an example which is less than half of what it would cost on the normal charter. stuart: and that's one seat. each seat. >> all six seats. stuart: all six together. >> right. a one-way flight. stuart: so 50 grand round trip. >> exactly. stuart: for all six seats. >> right. other examples of jump seats that are available right now are from l.a. to aspin. two seats for $10,000. stuart: not bad. i'm going to wrap, but that's very interesting. the founder and chief executive. you signed up 2,000 people last week. >> says with launched. stuart: affordable private jets. not bad. all right. the highlight reel of the week is next. ♪
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